Enmarket stores will become part of the fast-growing Nouria convenience store chain.
According to a press release posted to Newswire on Oct. 31, the northeast retailer signed a definitive agreement with Savannah-based Colonial Oil Group, Inc. to acquire Enmarket, the convenience retailer chain established by Robert Demere, scion of Colonial Oil's founder, in 1963.
A definitive agreement, or definitive purchase agreement, as defined by the Corporate Financial Institute is "a legal document that records the terms and conditions between two companies that enter into an agreement for a merger, acquisition, divestiture, joint venture, or some form of strategic alliance."
On Friday, Enmarket posted an announcement to its social media pages, stating it has "aligned with a company that shares our commitment to exceptional service and quality products." The statement also noted that Tony El-Nemr, CEO and founder of Nouria, as well as members of its leadership team, visited Enmarket's offices and store locations last week.
The full nature of the deal is not yet known. Enmarket's statement assured that further updates will be shared, but did not indicate when. Questions loom about the dollar amount and what will become of the Enmarket brand, including the name on the arena on Stiles Avenue, as the acquisition unfolds. Both Nouria and Colonial Group have been contacted for further comment about the terms of the agreement but neither organization responded prior to publication.
Enmarket owns 132 stores in North Carolina, South Carolina and Georgia. Some stores are still under construction, such as a location on the corner of Ferguson Avenue and the Diamond Causeway in the Skidaway Island area of Savannah. Bethesda Academy entered into a lease agreement with Colonial Group for that location back in 2021.
The Newswire press release noted that Nouria "operates over 170 convenience stores, 61 carwash locations and an extensive unbranded wholesale fuel distribution network with a significant number of branded dealers throughout the Northeast." It also stated that Nouria enlisted Wells Fargo as an exclusive financial advisor and King & Spalding as a legal advisor. Additionally, Colonial Group employed Bank of America Securities as a financial advisor and Williams Mullen as legal advisor.
This is a developing story.
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Joseph Schwartzburt is the education and workforce development reporter for the Savannah Morning News. You can reach him at JSchwartzburt@gannett.com.
This article originally appeared on Savannah Morning News: Enmarket's 132 locations to become part of northeast chain